Today, in the CalculatedRisk Real Estate Newsletter: September Housing Starts: Record Number of Housing Units Under Construction
Excerpt: The fourth graph shows housing starts under construction, Seasonally Adjusted (SA).
Red is single family units. Currently there are 800 thousand single family units (red) under construction (SA). This is below the previous six months, and 28 thousand below the peak in April and May. Single family units under construction have peaked since single family starts are now declining. The reason there are so many homes under construction is probably due to supply constraints.
Blue is for 2+ units. Currently there are 910 thousand multi-family units under construction. This is the highest level since February 1974! For multi-family, construction delays are probably also a factor. The completion of these units should help with rent pressure.
Combined, there are 1.710 million units under construction. This is the all-time record number of units under construction.There is much more in the post. You can subscribe at https://calculatedrisk.substack.com/ (Most content is available for free, so please subscribe).